turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

where do you enter pharmacy prescription insurance premium expense

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
Cynthiad66
Expert Alumni

where do you enter pharmacy prescription insurance premium expense

When you go through the medical expenses section of TurboTax, you'll reach a page that asks How much did you spend on insurance premiums? Add the amounts you paid for Medigap and prescription insurance (not shown on Form SSA-1099) and enter this total in the Medical insurance premiums box. (Click the screenshot below to enlarge it for reference.) 

 

The FAQ below tells you how to get to the medical expenses section in TurboTax.

https://ttlc.intuit.com/replies/4774888

 

Premiums for Medicare supplemental insurance and prescription insurance are deductible, if they were paid for with after-tax dollars (usually are). Also out-of-pocket prescription expenses are deductible (since "out of pocket" usually means after-tax).

 

However, note that to actually affect your tax return, only the medical expenses that exceed 7.5% of your adjusted gross income (AGI) are reported on Schedule A (Itemized Deductions). And if your Itemized Deductions are less than your Standard Deductions, TurboTax will take the Standard Deduction anyway.

But until you enter all your deductions, you won't know, so go ahead and enter the items under Federal->Deductions & Credits->Medical.

[edited 2/15/21 | 12;07 pst]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies